The U.S. on Monday imposed sanctions on dozens of people and oil tankers across China, the United Arab Emirates, India and other jurisdictions for allegedly helping to finance Iran and its support for militant groups that launch attacks against the U.

The new sanctions target oil brokers in the UAE and Hong Kong, and tanker operators in India and China. Read more at straitstimes.com.

Oil prices were steady on Tuesday, after a bump the previous day when fresh U.S. sanctions imposed on Iran increased concerns that supply might tighten, as global refining margins remained strong. Brent crude futures were down 5 cents to $74.

Oil futures finished higher on Monday, with prices finding support after a nearly 3% decline Friday, as the U.S. imposed fresh sanctions on Iran, impacting its crude sector.

Described as a key move in US President Donald Trump's "maximum pressure campaign" against Iran's oil industry, his administration imposed new sanctions Monday on individuals, entities and tankers in mainland China,

Treasury Secretary Scott Bessent stated, “Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilizing activities.” He warned that anyone involved in Iranian oil would face significant sanctions risk as the United States uses all available tools to disrupt Iran’s oil supply chain.